Wednesday, January 28, 2009

Home Owners Association (HOA) San Fernando Valley

A potential risk I recently encountered was two folds. One was the building was build and the units sold during the height of the real estate market and the other issue was the building had construction defects and the HOA had hired an attorney to address these issues with the builder.

Because most lenders are now requiring a condo cert, the chance of the home-buyer to obtain a home loan was zero. The list of problems the building had was large including water leaks and mold. Also, I was told that one-third of the home-owners where no longer paying their association fee because of pre-foreclosure or foreclosure.

Even if my buyer was able to obtain a loan on the condo, it's possible the home-owners would have been assessed a specific amount to cover lost HOA fees from owners who no longer were paying their monthly dues. There could also be a large assessment for costs to cover the damage to the property until the issues where resolved with the builder (can take years).

If you are considering purchasing a condo or townhouse in the San Fernando Valley, it's important you are working with a professional who can foresee potential problems quickly.

One way to avoid getting yourself into a situation where you might be assessed is to purchase a condo or townhouse in an older building. Another way to protect yourself is to ask questions from other home-owners in the building.

Sunday, January 25, 2009

Encino Bank Owned Homes - REO

Market Update for Encino

There are currently 141 properties for sale in Encino. Of this number 27 are Encino bank owned homes and 36 are Encino short sale homes .

Encino is considered the Beverly Hills of the San Fernando Valley. Sherman Oaks is located to it's East, Tarzana to it's West, and Van Nuys / Lake Balboa to it's North.

If you are looking to purchase a condo in Encino, you can view a free list of condos and townhouses for sale in Encino. There are currently 46 condos and townhouses for sale in Encino.

To recieve market and school reports in Encino, visit this list:

Friday, January 23, 2009

Surprise! The Market is HOT!

If you are a first time home-buyer, you better get prepared as the bottom end of the real estate market in the San Fernando Valley is hot and only getting hotter. Single family homes priced from $250,000 to $400,000 are selling quickly and in most cases with multiple offers.

With interest rates hovering at 5%, we can expect more buyers to enter the marketplace.

Waiting for a short sale to be approved is a lose-lose proposition for any home-buyer. You must continue to write offers on other short sale homes or you run the risk of never purchasing a home. It can take anywhere from 2-4 months for a short sale to be approved.

With new homes entering the marketplace every day, it doesn't make sense for anyone to sit and wait. The best bet is to write an offer on a bank owned home. The benefit of purchasing a bank owned home is that you'll know within a week if the home is yours or not.

If you owe more than your home is worth and are interested in selling, be sure you are working with a short sale specialist. I've seen many deals fall apart because the listing agent has no clue on what they are doing and this could cause the home to be foreclosed on and a lose-lose situation for everybody involved.

Written By: Richard Johnston, Rodeo Realty
Short Sale Specialist

Friday, January 16, 2009

Sherman Oaks Real Estate Homes

There are currently 252 properties* available in Sherman Oaks as of January 16. There are ninety Sherman Oaks condos for sale and thirty Sherman Oaks Bank owned homes .

Sherman Oaks is one of the most popular areas of the San Fernando Valley. It is bordered by Studio City to it's east and Encino to it's West. Van Nuys or as some would like to call it "Valley Glen" borders it's North.

An exclusive area of Sherman Oaks is called Chandler Estates. If you happen to drive through Chandler, you will notice some of the nicest and most expensive homes in Sherman Oaks.

Another prime area of Sherman Oaks is homes located south of Ventura Blvd. For those of you who don't know where Sherman Oaks is located, Sherman Oaks is located behind Beverly Hills.

* Information obtained from

Sunday, January 11, 2009

Crooked REO Agents

In today's market, lots of home-buyers are searching for a great deal on a bank owned home. But what most don't realize is that the listing agents on these bank owned homes are trying to double-end the deal so they can profit from not only the buying side but also the listing side.

It's a shameful act that REO agents are putting profits ahead of their clients (the banks). Though I'd like to point out some names here on my site to expose these crooks, I go by the belief that what comes around...goes around.

If you believe that the listing agent is putting profits before their clients best interest, you can file a compliant at our Southland Association of Realtors website:

Friday, January 02, 2009

Banks Strong-Arm Home Buyers

Banks are strong-arming home buyers to get pre-approved with a direct lender (Washington Mutual, Wells Fargo, Bank of America, etc...) because they have lost faith in mortgage brokers.

These are homes which have been foreclosed upon because of their disgraced lending practices which caused unprecedented losses and a collapse of our financial system. There is even a financial incentive for home-buyers to get a loan from the same bank which owns the foreclosed property.

Can someone please explain to me how banks are able to stick people and put them in some serious financial mess then turn around and borrow from them to save themselves from destruction?

Nobody should be forced to obtain a pre-approval letter from a direct lender to write an offer on a bank owned home. The Southland Realtor Association should ban this practice.

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